Pigment, a French business planning software startup, has just received $88 million in a funding round driven by ICONIQ, an investment fund overseeing the wealth of tech billionaires including Mark Zuckerberg and Jack Dorsey. Also backing the round were venture capital firms Felix Capital, Meritech, IVP, and FirstMark.
Pigment, a French business planning software startup, has announced an $88 million funding round led by ICONIQ, the investment fund that handles the money of tech moguls such as Mark Zuckerberg and Jack Dorsey. The company, which has created a user-friendly business planning and forecasting platform to rival Microsoft Excel, was co-founded and managed by Eleonore Crespo and Romain Niccoli. With its latest round of funding, Pigment intends to expand into the US and develop new artificial intelligence (AI) products. Participating in the round were venture capital firms Felix Capital, Meritech, IVP, and FirstMark, who count clients such as Klarna, Miro, and PVH. Pigment's tools are mainly used by finance teams to make decisions and plan for the future. They also aim to compete with larger incumbents such as Google, SAP, and Oracle. Over the past year, Pigment has achieved a 600% increase in revenue and a user base that's ten times larger than before. Crespo noted that their platform appeals to business leaders in departments such as HR, sales, marketing, and R&D, and not just those in finance. In addition, Pigment introduced Pigment AI last month, to capitalize on the buzz around AI and tools like ChatGPT, which provides data queries, pattern recognition, and automated reporting. Despite the huge investment, Crespo stated that the company's focus is on sustainable growth and profitability over breakneck expansion, so they will not be significantly increasing their headcount.
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